The Trump Tax Effect: Budget Deficit Increases 15% Over Same Time Last Year

As the wealthy enjoy generous tax cuts, the government is spending more than it is taking in.

Bloomberg reports:

“The U.S. budget deficit widened to $691 billion in the first half of fiscal 2019 as spending outpaced an increase in revenue, highlighting the continued fallout on the government debt from President Trump’s tax cuts and the effects of an aging population.

The budget gap increased 15 percent compared with the same October-March period a year earlier, according to the Treasury Department’s budget report released Wednesday.

Receipts for the six-month period rose 0.7 percent while spending jumped 4.9 percent.”

For the rest of the story, visit Bloomberg here.

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